In a podcast interview, former SBI Chairman Rajnish Kumar said that he received Rs.28 lac as Chairman of SBI. This salary is very less when compared to the salary recived by private sector banks MDs and CEOs.
The CEOs of private banks received approximate salary of Rs.10 crore per year while the Chairman of India’s largest Public Sector Bank recieved salary of Rs.28 lacs per year.
Mr. Rajnish Kumar said that not only the salary but the pension is also very less. He gets around Rs.1 lac as pension and it is very difficult to afford the lifestyle that he is used to while being the Chairman of SBI.
It is so less that it’s not possible to purchase home with this much pension amount. He also said that the employees in private sector earn a lot of money and can even earn in crores while working for only one hour.
He said that the amont of pressure in banking is severe and is increasing day by day but the salary is very less. He said that he got a lot of allowances while being Chairman of SBI such as grand bungalow in Malabar Hills, Car worth Rs.30/40 lacs and many more.
He is the person who started negotiations with Bankers associations from 2%, now after retirement he is crying. So silly
He is talking about himself as Chairman and not the other employees in the PSBs.
As we are doing 80% govt work i.e. doing mudra loans, self group loans, pension work, following all IT rules, kyc norms wtc., collecting tax from the public,
we can ask for salary of 15% from govt
Pls waive off the home loans of youth in India😊. The banks have become extremely today..🤭
Very wrong impression is tried to be projected. They are overpaid for the work they do and certainly too expensive for their capabilities and intelligence. And the risk is zero and performance is far from excellence. In any other industries they won’t stick beyond probationary period.
Mr upadya come and join the bank and with this kind of approach I m sure u would not even sustain here for a month.. as far as capabilities are concern we are showing our capabilities in the result
Yes.. He can not even succeed the exam for entry to Bank Job..
IT people are earning huge with little knowledge on one or few languages. After completing few years they switch over to another company for higher benefits. When the trend changes they are dropped from the train (job) and new young people occupy their positions..
Only on seeing IT Industry wage formula, Bank’s have also changed the Salary structure. Instead of increasing Basic Pay, Bank unions also agreed to Special Allowances concept to show that Salary have been improved. This will result in reduction in EPF, HRA, DA and Retirement Benefits like Pension, Gratuity etc.. ( They can not expect these items as they will not even continue in a Company continuously for stipulated years to make them eligible for Retirement Benefits..
You are poorly informed. Please concentrate. Thanks
Please do come and join the govt bank. And then say the risk is zero. As per talent if we will staff like private bank we can do much better then this private bank. So before commenting on the profession of any person please think twice .
Sorry, you are far away from reality. In fact, just oppyto that.
I don’t think you are capable enough to make such comments. First join SBI as a Probationary Officer work there for few years and then make such irrelevant comments.
Risk is zero ..hats off to your intelligence …as a chairman of SBI he is custodian of 55 lakh crores of rupees..and you say zero risk
.great
It is laughable!this ex chairman is lying through his teeth, the bank employs both past and present are very comfortably placed ,they get loans at very less interest,they get “paid leaves”at the drop of a hat,I have seen people joining work after 6 months claiming health issues,they have good security,they have a strong union to support them and a comfortable job to spend quality time with their family.
You get less salary because your employees do not work just do time pass in job. Only because its government brand name thats why customers are coming. Very poor service with no knowledge those who are working. In pvt job 15 to 20 thousand salary work more than your employees who are paid 40 to 50 k month and another benifit on home loan which is 3 to 4%. Your employees are having more than 2 to 3 flats before retirement as common man cant even think.
Yeah there are some employees in every department with a mindset like yours. But unfortunately there are brilliant people also that’s why SBI is a Fortune 500 Company. People like you always spit on others without knowing the actual scenario.
You don’t know the level of pressure neither you have any sence of banking…so it’s better to shut your mouth. Do you know the ratio of customers per employee in PSB. Compare with your favourite private banks..every time I visit any private bank hardly I found 2 to 3 customers,not because they are digitally advanced but because they don’t deal with people of lower and middle class. First compare honestly.
But, they pay income tax promptly and GST on everything so that selfie booths can be setup in their nearest railway station @ 6.5 lakhs spent per each booth.😁
SBI employee deserves even lesser salary when it comes to the customer services.
Most of the SBI branches in India has the “BABU” culture.
Online complaint redressal also closes the complaints without resolving.
Holding a/c in SBI means customer is at their mercy.
Most of the staffs are inefficient and enjoys full authority being working in a PSU. Don’t even bother to buy customer full day for simple transactions.
There is no comparison between SBI and private banks.
Why Mr. Ex Employee didnot opt for better opportunity in pvt sector bank during his tenure???
I would rather ask all the people who have put the remarks against the bankers to come and work as a bank officer for few days.
The SBI Chairman has correctly stated the picture of Bank personnel.Those who feel banking is a very comfortable job please exchange your job with bankers.By the time you complete your tenure I would be rather happy if you retire as a sane person.Shirkers are everywhere but that does not mean all bankers are shirkers.
Banking is not only what you see on the counters.
A wrong perception prevails.God save the bankers from CVC
SBI employee deserves even lesser salary when it comes to the customer services.
Most of the SBI branches in India has the “BABU” culture.
Online complaint redressal also closes the complaints without resolving.
Holding a/c in SBI means customer is at their mercy.
Most of the staffs are inefficient and enjoys full authority being working in a PSU. Don’t even bother to buy customer full day for simple transactions.
There is no comparison between SBI and private banks.
Why Mr. Ex Employee didnot opt for better opportunity in pvt sector bank during his tenure??? . .
If you are weeping like this working in PSU..think of private sector Banks. Staff is driven to commit suicide. You people never can match. The day government takes back their hand you will come to know what is work pressure.
Even now it is there in PSUs also Mam..But mostly for Supervisor Cadre Staff.. Can you see any of the Branch closed before 07.00 – 08.00 p.m. in Rural and Urban Centres..
He is comparing his grade with other private sector Banks.. Even after getting the highest remuneration in Private Sector, they did corruption and undergoing criminal procedures…!!! ?
Now the persons doing job in IBA should
do some good work for bank’s employees
So that after retirement they can’t apologize for their work. The God is seeing that WHAT YOU SHOWED YOU WILL REEP.
I will accept the salary of government banker is not enough. But they are enjoying the job security. Moreover in rural areas, they are enjoying alot and moreover many frauds are coming in many places. Better to give more priority to private people to work in the PSU through interviews etc., after the age of 45 also.
Ex Chairman saar, Better keep silent, when power in your hands nothing has done, now nothing to do since no power, no one will listen you. Lot of negative comments on SBI, What business encouraging in SBI now a days you know very well, why SBI is asking non banking business, instead of asking deposits, asking to invest in SBI mutual funds, instead of selling your products, selling SBI Life insurance to unwanted. How much pressure putting on staff for selling 3rd party products. Because of these, we lost our credibility in the market. Because of these, we became very poor in customer service. So many things ………….
The way PSU bank employees work is poor to the core. They behave so rudely with customers. Actually they are overpaid. I request government to reduce salary by 20% atleast. No DA should be paid toh them for atleast 5years.
What mr.Rajneesh said is correct. Public sector bank’s chairman is less paid than pvt sector. Hdfc chairman Mr. Aditya earned more than 100 crores in esops and 2 apartments he purchased at worli is more than 80 crores.
He is absolutely correct
Lol…
This shows how stupid and naive people are, who don’t know what is happening in the Bank.
If you any relative in SBI working as an officer ask him when was the last time he spent some quality time with his family without any worry about his Branch or Bank..
Just blabbering something on an open portal doesn’t change anything.
Nor your opinion matters whether banker should be paid high or not, you are not paying the salary jor the Govt , we are earning our salaries form our profits and we deserve some quality life..
Banks went loss only because of Bad Loans which is diff story..
There is no good work from these employees…it is better reduce the salary untill they start doing due diligence..they are the wasting the time of citizens..and giving hardships to all of us.. please reduce the salary..else AI will replace them
Specially SBI employees are so adamant they never are anyway concern about a lay customer and have many times seen them misbehaving customer rather without addressing their problems and never deserve the salary and benefits provided by the bank so that is why all the private banks are excelling in all-round performance and snatched it’s no.1 status long since.
All Govt pensioners are getting the benefit of revision of pension automatically whenever basic pay of working employees is revised. This is not so with bank pensioners. That’s why old pensioners are getting paltry pension as compared to new pensioners.
PSU banks are treated differently by stake holders and customers as well as they are responsible for social banking ,service with cheaper service charges etc. But the cream of rich who can afford savings go to private banks unmindful of their social obligations . Easy to comment rather than understanding psu banks . Modiji understood the strength of PSU banks well.
When i joined bank 45 years back I was getting around 3000, when I resigned job after 10 years I was getting around, I think 7,000. It was almost comfortable. Now government is looting citizens of India through double taxation, GST is only fooling nation and people of nation. Petrol, diesel been kept out of GST, What is the meaning of GST. When a new car is bought 15 years road tax from 7% to 20% is paid in advance, then why this TOLL, Which is once again double taxation.
In total we are paying about 60% of income to taxation including income tax.
IS THIS NOT 3 LOOT FROM GOVT? ??
(that’s why salary is not enough to buy a house).
Does he know there a large no of PSUs where there is no pension.As a retired DGM I don’t get one Re as pension..The terminal benefit amounted to 30 lakhs in 2005 after contribution of extra PF.Where do we invest ? What happens on maturity?What is the interest rate?One has to continuously churn and then there are blade Cos.Only Central govt,State govt,Armed forces personnel and Bankmen get hefty pensions.I am 79 My nephew retired from Airforce is getting 1.25lakhs monthly.Same case with friends in Bwssb,KEB ,state govt service like corporation here . Bloody huge disparity in incomes.Abroad all are treated equally.This person seem to be deranged to speak like this.If he has time let him visit PSUs like BEL,Beml,iti,Bhel,HAL and what salary and terminal benefits they get.The engineers have to pass tech exams .In banks Max tech used is add,subtract , multiply and divide .With all this he complains of poor salary.
The only difficult jobs for these pensioners is to phone in case pension credit is delayed by a day or two!
All govt paid salaries should be atleast doubled immediately for respectable living.It is difficult to live otherwise.
If someone wants to know about SBI Bank go to Mool Chand flyover branch and enquire any old pensioner about me.Services given by me door to door even in hospital.(Pensioner admitted).Offered from my pocket bread pakoda.water,tea.No one can think these type of services i.e 23 years ago.
In 1979 the banks were given a salary revision under the recommendation of a committee called Pillai Committee. The bankers salary structure was revised downwards to that of the scale applicable to IAS and Group A services of the central government. The reason given was that the work and other responsibilities assigned to Scale 1 officers of banks is similar to that is applicable to Group A officers of the central government. Much water has flown since then. As on date the Scale I officer in a bank is getting roughly half of what a Group A officer in central government gets. Since 1979 gradually the salary benefits to bank officers have been whittled down vis a vis government officers to whom the central government had drawn parity in 1979 to to justify the downscaling of the bank officers salary scales. The government has used their muscle in IBA and bank boards to thwart all efforts to get better scales for bank employees. Even pension available to a limited segment of bank employees are never revised in the manner it is done im central government for its officers. From being a high wage profession, the bankers have become a very low wage profession. The government assigns to banks many tasks which has social orientation for execution, with no remuneration for the resources banks have to deploy which in terms of the profitability of banks has zero returns or even negative returns to them. Thus banks are put to use by the government without rewarding them in anyway, which hits the profitability of banks. And the excuse given by the government for lesser pay to bankers is the low profitability of banks. Sad situation for bankers
Why can’t all the bankers come together and ask performance linked compensation.
Private sector people are paid because of innovation in their work, what innovation have you done in banking sector.
Bankers are paid more than what they actually want.
It’s simple bring business to bank and get compensated for it.
Ex SBI Chairman is absolutely right while discussing about salary of Bank employees and also huge work load. That is many young banker’s who join bank leave within year
Same with government doctors
Private hospitals superspecialist
While working in IBA, a bankers body which can echo pains of Bank employees, he should work on Pension Updation so as to get respectable pension, why weep on shores of a river when you can swim across pretty well. Don’t beg, Better stand by pensioners for pension updation
Why can’t all the bankers come together and ask performance linked compensation.
Private sector people are paid because of innovation in their work, what innovation have you done in banking sector.
Bankers are paid more than what they actually deserve.
It’s simple bring business to bank and get compensated for it.
Private hospitals and private banks are cheating
I am a neurosurgeon I worked in both government and private
God is there with government hospital sand banks
Saitan is there with private hospitals and ba
Private banks
He said very true.God knows why public are so against his statements. It is very true that in compare if private banks the psu banks as well as sbi get very very poor salary.Working hrs and pressures are at extreme high.It is the talent of an individual that one get the job in public sector bank,it is not the crime.
EX SBI Chairman wants to buy home in pension? Is that for what pension is really paid so that highly paid ex employees can buy lavish homes?
Real story is, some subsidiaries of the nationlised banks are paid the lowest. They are neither treated as public sector nor as a private company
Why are continuing with such बैंक, switching to private sector इस not banned for you, dam बेवकूफ़ बना रहा public ko 🤔 😑
It’s true. PSU employees are very poorly paid. Notwithstanding comments above, PSU banks are doing a wonderful job and the first choice of most is a PSU bank, then the private banks. Largely, because PSU banks exude confidence and trust
Their officers are approachable and at the branch level itself, grievances are settled
Unlike a pvt Bank, where the IVRS is a nightmare and the tele executive, a wall more than what Dravid ever was.
The staffing is poor with large vacancies with each employee doing the work of 3.
Yet the pay scales are very low and the pension more so, so much that it’s difficult to afford a decent living.
I vote for at least a 3 fold hike in the pay scales equivalent to that of central govt employees and PSUs like Coal India, HPCL etc.
And just to be clear, I am not a banker.
NO work but high exceptions ..wow
When you visit any sbi branch for any work employee have their excuse for not being or mood to work
Sir JAI SHRI KRISHNA 🕉
YOU are highly mistaken sir.
PSB employees don’t want to work and have zero efficiency. Look @ pvt Bank employees they work very hard and slog to serve customers where as employees of PSB are lethargic and harrass customers.
No initiative at all. This is my firm conviction.
Wild comments are dangerous.
JAI MAA AMBE JAI MAA DURGE 🕉
Mr. Rao, regarding present technology scenario in banks, you are abysmally ignorant. Kindly enlighten yourself via internet or banker friends, I am a retired banker, by the way.
I can see so many donkeys here do not understand how a bank works. What is called workload? They have no clue how true Mr. Rajnis is saying. But its wise to not argue with donkeys. Bank employees are among those few people in the country who does the maximum work. I am sure those who are blaming bankers are total useless and had never done any responsible work in their professions. Useless people but this is the mass people of the country. So how do you think the country will proceed. With these losers?
Mr. Rajnish ,everyone knows the salary of a SBI employee . It is very high comparing to govt jobs also the work style of employees of SBI and also other govt. undertaking banks are worst. This is the main reason of evolution of private banks . The employee also never think of the job oppurtunity for next generation .
So it is not at all appreciated the comment of Mr. Rajnish.
He is great lier. In sbi, majority of clerks is car. They are not eligible to be appoint as peon in private sector. Majority of staff is rude/rough behavior. No sense bank run by our govt. Should be convert to pvt and see their financial issues. May not be in position salary in time. Their staff is black spot in our country.
Bank Employees are getting subsidised rate interest for the loan provided by the bank.
What he said , it is absolutely right. As a banker we know the stuff and strength of private banks and public sector banks. If you are really feel they are enjoying, you also join the bank or atleast marry your family members to banker.
A ludicrous statement by an ex-cmd of the SBI in which the executives and staff are still living in the glory of the erstwhile Imperial Bank of India, behaving in the most imperious and highbrow, careless, customer-UNfriendly manner! Why can’t some survey is mounted on a sample basis to ascertain the no. of customers who are fortunate to receive even a response to one’s email addressed to the concerned branch/some SBI official?
Respected sir, it’s sad to see you getting 28 lakh salary package and 1 lakh pension package and still this are less ! Really think about the customer assistant what are they getting nothing. Be happy what you are having
My experience with SBI is the worst ever experience on homeloans. No transparency, takes customers for granted and has no integrity towards customer complaints. This is showing in SBI being the most profitable bank, fleecing millions of unsuspecting customers with rate changes and charges at will. Its a shame to have a bank that is a PSU in such shambles
If you find private banks are better apply there and of you get a job work there. There are 1000s waiting outside to get a job at Sbi at even a lower salary
Also dont forget you will get pension till you die which private bank employees wont.
Bank employees salary is higher than other government employees already..
Most of the persons misunderstood that bank employees are enjoying and getting handsome salary.gone are the days it was once upon a time the salary of bank was good but not extraordinary. Now each staff has to do 2 to 3 persons job with less salary and facilities.most worst affected persons are bank managers, very late sitting besides their regular job they have tobe marketing persons in various commodity like insurance, mutual funds etc.the target for which h is ever increasing.they are squeezed between top management and unruly customers. Thereare so many problems no body understands.
You go to the SBI, BOM & see the rude behaviour by their staff. My eldest brother who was having Parkinson’s and telling the staff of my brother’s ailment they insisted he be brought to the bank for identification. After taking him to the bank by climbing the stairs – one knows how much pain he had to go through.
If employees in psu bank saying there salary is very less then log jo pvt company mein hai unko toh suicide karna chahiye and rahi workload ki woh har jagah hota hai Aisa nahi hai load sirf bank employees ko rehta hai pvt company mein bhi hoti infact they don’t get holiday on Saturday they get discount in loans they don’t get pension after retirement so it’s better the bank employees stop crying like baby after getting everything and if we compare services between pvt Bank and psu bank I will prefer private bank only as the psu bank are not proactive in any cases
Pension u r getting 1lakhs without doing nothing ur getting 1lakh pension. Your job is secure. What about the commission you received for giving loan u didn’t mention that. The car and house you got. Even now u can join in private bank who is stopping you. If you join only u know their pain
Rajnish Kumar is absolutely right in his opinion. It is not only true for PSBs, but also true for other PSUs as well, specifically for those in the top management positions. If one compares the salary structures of CEOs & various other top management positions in an organised private sector industry with those of PSBs & PSUs, it would look miniscule for the later.
I have worked both for a PSU & a reputed Pvt. Sector company. I also vouch for what Mr. Kumar expressed.
Can you comprehend the life of a pvt sector Banker, the salary, uncertainity and pressure of Private sector banks.
Within 10 to 15 years, there won’t be any need for physical banks as everything will be done online and instead of BA paas employees who gets selected once and promotes to became chairman and foolishly compare salaries with pvt sector.
Such a foolish comparison.
This Chairman evaded when things were under his command. Now also let him declare how much sitting fee he gets with his banking background. What is the value of perquisites he gets officially and off the record from these private companies? He has no moral right to shed crocodile tears. If at all really interested in welfare of we Retirees let him sit with us in Dharanas, protest demonstrations.
Absolutely disgusting and irresponsible comments by most of the comments makers I will ask them to sit for one month in psb bank on front window and deal with 250 to 300 costumers of different kinds unlike selected customer in private banks who are sitting only for profit making not for implementation of government schemes and passing befits to ordinary citizens of india.these are the bunch of jokers who are making such comments against PSB banks and not aware of workload and hardships faced by PSB bankers
Absolutely correct remark by Rajnish jee. But while he was at the helm of the affair what action he had taken to ammeliorate the situation of the employees. At that time he as the chairman was much better position in comparison to others. Only after retirement he realise…. No profit to anybody….
It is really baffling the statement of ex chairman of a PSU bank. So many retired capable people of other fraternities like me 83 yrs old engineer get peanuts compared to the bank employees and other govt organizations. Sir , don’t complain as one of the captions we saw in our factories of our time ” DON’T COMPLAIN U HAVE NO SHOES, BE SATISFIED BY LOOKING AT A PERSON WHO HAS NO FEET”
My brother worked in bank for 14 years now he is mentally ill due to loan recovery pressure from management. He was manager but he has no savings. Salaryxwas veey less.
Guys this is just a comparison between pay package of pvt & public banks. (When performance is being judged in terms of business) & Work pressure in Bank vs other Govt offices.
Pvt sectors are completely out of picture here.
Some people always cry for govt job & crtisise when they don’t get that. This article is not for people having such kind of mentality. Do well research before commenting , or atleast spend a whole day in each of these offices to give your opinion.
My dear pvt bankers..your salaries are being taken away by your MD & CEO, we understand your pain too..you see the data here..where the 28 Lakhs for the largest bank in the country, having most no. of customers, branches, network offices, AND 10 crores for some profit monger people & huge pile of cash off the records. SBI has pay scale, rules for salary calculation but pvt bankers asks their wives how much they will take home. It’s so easy for them to decide their own salary, so they take home the largest portion they can & you guys stay only on the chillars left by them. Many pvt bankers are under bars also. We know, just for their greed you guys are burdened with mis selling. Be united & raise voice against the mal practice of your bosses, the MD & CEO of Pvt Banks, make tweets, don’t fear to get blacklisted from the industry. Atleast someone has to do that. Crying here will not work brothers